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Ivanishvili Sells Real Estate Assets in Russia for USD 982.5m
Civil Georgia, Tbilisi / 17 May.'12 / 19:47

Bidzina Ivanishvili, leader of Georgian Dream opposition coalition, has sold his real estate assets in Moscow to Russian property group BIN for USD 982.5 million, Unicor, which manages Ivanishvili’s assets in Russia, said in a statement on May 16.

Deal, which is expected to be closed by August 15, includes high-class residential complex Sadovye Kvartaly on a 11-hectare area; a planned luxury hotel managed by Mandarin Oriental Hotel Group; a mixed-use complex Summit, which also includes hotel InterContinental Moscow Tverskaya; 8.8-hectare “Kauchuk” commercial property.

Beneficiary owner of these assets, except of “Kauchuk” commercial property, will be Mikhail Shishkhanov, who owns 97,6% stake in BinBank; “Kauchuk” will be owned by Shishkhanov’s relative Mikhail Gutseriev.

It was announced on May 10, that Ivanishvili sold his bank in Russia, Rossiyskiy Kredit, to a group of six private investors for USD 352 million. It was reported on May 12 that Ivanishvili also sold pharmacy chain Doctor Stoletov.

“Part of the assets [in Russia] has already been sold; part of the assets still remains, which will be sold before the end of May,” Ivanishvili told journalists on May 17.

Ivanishvili, who is ranked at 153 position in Forbes magazine's annual list of the world's billionaires with an estimated worth of USD 6.4 billion, announced about intention to sell his assets in Russia, which also include agriculture and real estate development and construction businesses, when he declared about his political plans in Georgia in October.

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